Deputy Niamh Smyth, Minister of State for Trade Promotion, Artificial Intelligence & Digital Transformation, pictured with Magnus Hammick, CEO UG Group, on their visit to Wellman International +UG Group earlier today. Photo: Alex Coleman

Wellman focuses on green growth in wake of takeover by UG Group

Minister of state Niamh Smyth visits the Mullagh plant

The new owners of Wellman International are already working closely with staff, union reps, key partners and suppliers to create an exciting growth plan with a focus on sustainability.

Senior management, the Minister of State at the Department of Trade, Niamh Smyth, and officials met at the plant this morning (Tuesday) following the acquisition of the business by the UG Group - the UK based group revolutionising the decarbonisation sector with high-integrity, transparent, and scalable carbon solutions that enhance the Voluntary Carbon Market.

The business and the majority of jobs at the Mullagh plant have been saved following a successful examinership process in recent months.

Wellman International (Ireland) is one of Europe’s leading producers of high-quality polyester fibre products from recycled post-consumer PET bottles. Each year, hundreds of millions of post-consumer PET bottles are recycled by Wellman. It also has the capability to convert other used PET feedstocks into 100% recycled fibre.

Commenting on the acquisition, UG Group Founder and CEO Magnus Hammick said:

“Sustainability is all about people, products and the planet. Supporting the Net Zero transition is the central purpose of the UG Group and Wellman is a hugely important element to a thriving, sustainable circular economy. It ensures that waste plastics have a viable onward life.

“Wellman International provides this vital service for Ireland. It is also a major employer in Mullagh, so we want to secure its long-term future and help the business grow and achieve profitability.

Mr Hammick said the team at UG Group would bring both capital and expertise to the business.

“[We bring] a large network in cleantech and waste management that will help us grow operations and revenues. Wellman can grow to become a European champion while making the world a cleaner place. This is our goal," he said, while thanking Minister Smyth and the Irish governmental organisations for their support during the acquisition process.

Following her visit, Junior Minister Niamh Smyth, commented: “Today’s visit was an opportunity to see the impressive work being done on site, meet the dedicated staff, and hear about plans for the company’s future. It’s clear there is a strong commitment to maintaining operations in Mullagh, and I welcome the focus on innovation, sustainability, and long-term growth.

“This is a company with deep roots in the region and a proud track record. It’s encouraging to see the energy and ambition that’s now guiding the next phase. I wish all involved every success and look forward to seeing Wellman continue to thrive in the years ahead.”

The acquisition and today's visit marks a new beginning for Wellman, which entered examinership in early June after suffering significant financial losses in both 2023 and 2024.

The necessary restructuring, ahead of the takeover by the UG Group, resulted in approximately 54 job cuts, which were achieved voluntarily, with no compulsory redundancies.